With our new activity profile, the CGG group performed better than expected, mainly due to a very strong fourth quarter.
How was the market environment in 2018?
We saw a gradual recovery in our clients' activity throughout the year.
What do you think of CGG’s results?
In 2018 oil companies were still very cautious and strongly focused on managing costs and achieving greater efficiency intheir E&P projects. With our new activity profile, the CGG group performed better very strong fourth quarter. Our annual revenue totaled $1.227 billion, representing a sharp 19% increase, which was mainly due to Sercel’s land equipment sales recovery. Our profitability was high and, with our new profile, led to an operating cashfl ow of $134 million. These results validate our decision to transition to an asset-light business model.
What is the timeframe for this transition?
We hope to take all the necessary steps in 2019. CGG will therefore make the following strategic changes, subject to all legal obligations and processes in each
country as required:
What are your plans for CGG?
We are focused on ensuring organic growth and sustainable profitability through the cycle by strengthening our already strong positions and focusing on our three core businesses of Geoscience, Multi-Client and Equipment while at the same time finding new areas for profi table growth.
Learn how CGG's leaders and governance allow for successful operations.
In all environments, we acquire, process and interpret surveys that provide our clients with a comprehensive understanding of subsurface targets and their geological settings.
Our range of geoscience experience is unparalleled and leads us to invent and perfect technology and techniques unlike any other.
Contacts for further information regarding investors.
2019 Q3 Results
2019 H1 Results
2019 Q2 Results